Kraken-Backed SPAC Targets Stablecoin and DeFi Deals

KRAKacquisition Corp. is a special purpose acquisition company backed by an affiliate of Kraken parent Payward, Tribe Capital and Natural Capital. Its model is to raise capital through a listing and then help smaller crypto-native companies that cannot afford a traditional IPO enter public markets through reverse mergers.

KRAKacquisition listed on Nasdaq under the ticker KRAQU on January 28, 2026, raising $345 million in its IPO. CEO Ravi Tanuku said on March 28 that the company was evaluating targets valued at $2 billion to $10 billion, with a focus on stablecoins, DeFi and crypto payments. It must complete a merger within two years.